Twin Vee PowerCats (US:VEEE)2022-05-13 12:26Financial Data and Key Metrics Changes - Revenue for Q1 2022 increased by 83% to approximately $5.886 million from $3.208 million in Q1 2021 [11] - Gross profit rose by 64% to approximately $2.434 million from $1.488 million in the previous year [12] - The net loss for the quarter was approximately $1.191 million, compared to a net income of $132,000 in 2021, with a significant portion attributed to the new subsidiaries [13] Business Line Data and Key Metrics Changes - The company continues to manufacture and sell its GFX model line, with a backlog of around 200 boats and low dealer inventory under 20 boats [5] - The introduction of new models, including the 400 GFX and 260 GFX, is expected to enhance product offerings [5][7] - The core business of gas-powered boats reported a net loss of approximately $626,000, while the adjusted net loss was approximately $152,000 [13][14] Market Data and Key Metrics Changes - The company is experiencing ongoing supply chain issues, with rising material and component prices, but has managed to ship all completed boats except for a few requiring specific motors [6] - The demand for catamaran boats is increasing, with a notable backlog and low dealer inventory indicating strong market interest [5][17] Company Strategy and Development Direction - The company is focused on expanding its dealer network and increasing production capacity, aiming for one boat per day to reach over 200 boats annually [14][17] - The electric vehicle manufacturing subsidiary, Forza X1, is progressing towards producing affordable electric boats, with plans for a dedicated factory to manufacture up to 1,000 units annually [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver value to shareholders, citing strong order backlogs and low dealer inventory as positive indicators for future performance [17] - The company is actively addressing supply chain challenges and is optimistic about the growth potential in the catamaran market [6][21] Other Important Information - The company had cash, cash equivalents, and marketable securities of approximately $11.039 million as of March 31, 2022, which is expected to support ongoing operations [15] - The company is preparing for an IPO for its subsidiary Forza X1, with a no-comment letter received from the SEC, indicating readiness to proceed once market conditions stabilize [25] Q&A Session Summary Question: How does the company see itself positioned relative to competitors and the evolution of the space? - Management noted the growing momentum in the catamaran industry, with only a few companies producing over 100 units annually, positioning Twin Vee favorably for growth [20][21] Question: Can you provide an update on the Forza IPO? - Management confirmed that the SEC has provided a no-comment letter and that they are working with ThinkEquity to refine their presentation, with plans to begin the roadshow once market conditions improve [24][25]